{"id":234772,"date":"2023-11-03T12:28:41","date_gmt":"2023-11-03T16:28:41","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=234772"},"modified":"2023-11-03T15:14:32","modified_gmt":"2023-11-03T19:14:32","slug":"the-market-in-pictures-november-3","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-november-3\/","title":{"rendered":"The Market in Pictures, November 3"},"content":{"rendered":"

Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:<\/p>\n

 <\/p>\n

Dave:<\/strong> With earnings mostly flat, changing valuations and seasonality have driven a good bit of this year\u2019s moves in stocks<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 10.27.2023<\/p>\n

 <\/p>\n

Mark:<\/strong> and the calendar is setting up as a supporting factor into year-end<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Joseph:<\/strong> While the US economy has now been fully restored to its pre-COVID trendline<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: Bernstein as of 11.01.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> the persistence of core inflation has moved the Fed into a restrictive rate policy to prevent inflation from running out of control<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: Bloomberg as of 10.31.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> Combined with the fall weakness in stocks, this has created tighter financial conditions beyond just Fed rate policy<\/em><\/p>\n

 <\/p>\n

\"\"Source: Bloomberg as of 11.01.2023<\/p>\n

 <\/p>\n

Brett:<\/strong> and led to some concern among corporations on their earnings calls<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Data as of 11.01.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> As far as earnings as a whole, we\u2019re seeing low-to-mid single-digit growth rates<\/p>\n

 <\/p>\n

\"\"Data as of 10.31.2023<\/p>\n

 <\/p>\n

Joseph:<\/strong> though it\u2019s generally leading to future cuts in earnings expectations, not improvements<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Data as of 10.30.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> and future expectations are varying quite a bit based on sector<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 11.01.2023<\/p>\n

 <\/p>\n

Beckham:<\/strong> Speaking of earnings, it\u2019s pretty clear why US stocks have vastly outperformed foreign stocks since the GFC<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 11.01.2023<\/p>\n

 <\/p>\n

Brett:<\/strong> and with the contrasting mix of debt across economies, there\u2019s reason to expect the business outperformance to continue<\/em><\/p>\n

\u00a0<\/em>\u00a0<\/em><\/p>\n

\"\"Source: Apollo as of 11.01.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> Going further into the contrast, US companies have vastly superior funding than they did going into the GFC<\/em><\/p>\n

 <\/p>\n

\"\"Source: BofA as of March 2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> as do individual homeowners<\/em><\/p>\n

 <\/p>\n

\"\"Data as of October 2023<\/p>\n

 <\/p>\n

Dave:<\/strong> Perversely, higher rates have generally been good for older US consumers given their accumulation of savings<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: BofA as of October 2023<\/p>\n

 <\/p>\n

JD:<\/strong> and equally weird, young investors are allocating more to bonds than older investors\u2026 talk about longevity risk!<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Data as of October 2023<\/p>\n

 <\/p>\n

 <\/p>\n

Disclosures<\/strong><\/h5>\n

 <\/p>\n

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed.<\/em><\/p>\n

Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.<\/em><\/p>\n

This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.<\/em>\u00a0<\/em><\/p>\n

Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm\u2019s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2311-8.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:   Dave: With earnings mostly flat, changing valuations and seasonality have driven a good bit of this year\u2019s moves in stocks   Source: Strategas as […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[194],"tags":[376,132,83,237,168],"class_list":["post-234772","post","type-post","status-publish","format-standard","hentry","category-charts","tag-debt","tag-earnings","tag-inflation","tag-investors","tag-stocks"],"yoast_head":"\nThe Market in Pictures, November 3 - Aptus Capital Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-november-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Market in Pictures, November 3 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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